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Bearish Focus, Probes 104.00

DOLLAR-YEN TECHS
  • RES 4: 106.11 High Oct 7 and the reversal trigger
  • RES 3: 105.85 High Oct 12
  • RES 2: 105.75 High Oct 20
  • RES 1: 105.34 High Nov 4, 50-day EMA and key S/T resistance
  • PRICE: 104.27 @ 11:12 GMT Nov 5
  • SUP 1: 103.96 Low Nov 5
  • SUP 2: 103.67 76.4% retracement of the Mar 9 - 24 rally
  • SUP 3: 103.49 1.0% 10-dma envelope
  • SUP 4: 103.09 Low Mar 12

USDJPY is softer following yesterday's volatile session and rejection off the day high of 105.34. The outlook is bearish with attention on 104.00, Sep 21 low that has been briefly probed today. Clearance of this support would suggest scope for a deeper USD sell-off within the bear channel drawn off the Mar 24 high. A break above 105.34 is required to undermine the bearish theme and would expose 105.75 instead, Oct 20 high.

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